DH will be 65 next year. He is still working and has me and our kids on his company’s health insurance plan. Can he keep working and have both Medicare and the company’s plan? Or is it an either/or thing? If so, then we’d have to switch the kids to my company’s plan. He plans on working for at least another 5 years if that’s important. Appreciate any insights.
If his HR department is good, they will be able to counsel him on this. Like anything the government does, the rules are confusing!
He can also make an appointment with SS Office and they can give him advice.
I’m NOT a SS expert…but my understanding is that if your husband is still working…he does not have to apply for Medicare now. And there is no penalty. BUT once he plans to stop working, there is a window in which he will have to apply or,there will be a financial penalty.
My husband is in the same boat…except we don’t have any kids on his plan…or me. He will pick either Medicare OR stay with his private plan…not both.
Also, it is important for you to check whether or not your DH’s employer’s plan is creditable - that is, at least as good as the Medicare plan. If he has other creditable coverage, he does not have to sign up for Medicare. If he decides later to take Medicare and does not have proof of creditable coverage, it will be more expensive - something like 0.5% per month, or 6% per year for each month he did not elect Medicare.
Lots of good advice here – thank you all. I’ll tell him to start with his HR department.
I want to emphasize what 3puppies says. His employer insurance is probably fine, but in the unlikely case it doesn’t count as insurance as far as Medicare is concerned, then when he does eventually sign up for Medicare he’ll have a premium penalty forever. His Medicare premium would be higher every single month forever.
When H continued to work, he signed up for Medicare A (free) but not B, since it had a premium. His employer policy was primary and was a family plan covering me and our kids under age 26.
He had to be sure to sign up for B within 8 months after retiring to avoid a lifelong penalty for signing up late. He mailed the paperwork but never got any card. When we finally went in to SS to ask where his card was the guy said he didn’t like H’s paperwork so didn’t process and at our request gave us back H’s paperwork. (We had never received any notice that there was any issue with the paperwork. H returned the next day and handed in his same paperwork to a nicer SS guy who processed the paperwork and got H a card.
H’s insurance is better than SS, so creditable. Since he retired it is now primary and his insurance is secondary. Between the two, we only copay dental and Rx.
Agree HR should be helpful in sorting out options.